Jerry Samet
01-25-2018, 06:23 PM
The market had a bit of a wild ride today but ended up finishing little changed. After solid early gains the major averages sold off and bounced around until they closed mixed with only small changes. The COMPQ finished lower by .05% while the SPX was higher by .06%. The only real strength was in the Doe as it gained .54%. The greatest weakness was again in the semiconductor stocks as the SOX lost 1.69%. All the major averages closed at their intraday trading lows, not what you want to see. Volume was lower across the board and was a bit above average on the Nasd and about average on the New York. You want to see lower volume when the market consolidates gains. Leading stocks took a break today as well with the leaders index declining .19%. The index closed high in its trading range, a good sign and volume was lower than yesterday, but still above average. The index again tagged its short term 9dma support level and closed well above it. The market and quality growth stocks seem to be consolidating recent gains in a fairly positive manor. The charts of both the major averages and the leaders index are in good shape and the action of the last couple of days has not caused any real damage. It is a little unsettling to see strong openings and weaker closes, but there are a fair number of positive indicators that point to higher prices. Overall it looks like the rally mode the market has been in is still on solid ground. I will be away for a few days. The updates will resume late next week. Jerry